Brexit Currency Woes Hit Expat Pensioners This Christmas

13 December 2017

Eurozone pensioners hit hardest – 20% worse off than 2 years ago.

Expat pensioners are having to tighten their belts this Christmas with an income which is worth 20% less than the previous pre-Brexit festive period, according to Equiniti which manages the payment of over 60,000 expat pensioners.

Of these 60,000 pensioners the largest group is receiving their pension in the Eurozone where uncertain Brexit negotiations have led to the value of their pension falling by over 3% in the last year, added to the 17% fall in the year following the vote. With inflation across the Eurozone running at 1.5%, British expat pensioners will be feeling the pinch.
Expat pensioners elsewhere in the world have also suffered from these Brexit-induced exchange rate decreases, with pensioners worse off in the US (-10%), New Zealand, Australia and Canada (all -14%).


Andy Brown, operations director at Equiniti, said; “Expat pensioners are always at the behest of the currency exchange rollercoaster and the stumbling Brexit negotiations are not doing them any favours. Anyone hoping to retire abroad will have had plans seriously derailed by the Brexit vote and the currency fluctuations. It is important to understand the implications of currency exchange rate movements on your budget and shop around for the best value international payments as the ‘headline’ exchange rate is not necessarily an indication of the total cost of the transaction.”


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Notes to Editor:

Equiniti is an award-winning specialist outsourcer delivering technology-enabled solutions to large enterprises. It processes £90 billion in payments every year, handles 88 million documents and pays 20% of pensioners in the UK. We are acknowledged leaders in many of our markets and keep things running smoothly for some of the UKs best known brands and public-sector organisations. Equiniti’s industry-leading standard was officially recognised at Shares Awards 2017, winning the ‘Best Registrar’ and ‘Best Investor Education’ categories.